Jindal commissions $800m Oman steel plant

Muscat, April 29, 2014

India-based Jindal Steel and Power began commissioning its two million tonne per annum integrated steel plant which was built at a cost of $800 million in Oman's Sohar.

Following the commissioning of the facility, JSPL's steel making capacity now stands at 7 mtpa, making it among the top five Indian steel firms, reported the Business Standard.

JSPL runs the Sohar facility, the third largest unit in Middle East and in the gulf region, through a wholly-owned subsidiary Jindal Shadeed Iron and Steel.

The company had acquired Shadeed Iron and Steel's 1.5 mtpa gas- based HBI (hot briquetted iron) plant in 2010 for $500 million and as a step towards forward integration, set up a 1.8 mtpa DRI plant which has been operating for the last two years.

The Jindal Steel and Power plant will not only meet the growing steel demand of Oman but would also cater to the needs of entire Gulf region and the Middle East, said the report, citing the company statement.

There has been a rapid rise in steel demand in Oman in recent times due to a huge spurt in construction activities, it added.